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TimkenSteel Announces Plan to Close Its Material Services Facility in Houston

11/19/2019

CANTON, Ohio, Nov. 19, 2019 /PRNewswire/ -- TimkenSteel Corporation (NYSE: TMST), today announced plans to close its TimkenSteel Material Services facility in Houston, Texas, in the first quarter of 2020.

TimkenSteel Corporation Logo. (PRNewsFoto/TimkenSteel Corporation)

The 100,000-square-foot operation currently employs approximately 100 people who provide precision value-added and finishing services, primarily to customers that service the energy market.

"We are focusing on our core strengths of making and heat treating steel and more fully utilizing our supply chain to provide the value-added services required by our customers. This change to how we serve the evolving energy market will improve the company's financial performance," said William Bryan, executive vice president of manufacturing and supply chain.

As a result of the plant closure, the company expects to realize approximately $6 million to $8 million of annual savings.

About TimkenSteel Corporation
TimkenSteel (NYSE: TMST, timkensteel.com) creates tailored steel products and services for demanding applications, helping customers push the bounds of what's possible within their industries. The company reaches around the world in its customers' products and leads North America in large alloy steel bars (up to 16 inches in diameter) and seamless mechanical tubing made of its special bar quality (SBQ) steel, as well as supply chain and steel services. TimkenSteel operates warehouses and sales offices in five countries and has made its steel in America for more than 100 years. In 2018, the company posted sales of $1.6 billion and also achieved its safest year on record. Follow us on Twitter @TimkenSteel and on Instagram.

FORWARD LOOKING STATEMENTS
Certain statements in this news release (including statements regarding the Company’s estimates and expectations) that are not historical in nature are “forward-looking” statements within the meaning of the federal securities laws. In particular, the statement regarding the Company’s expectations for savings resulting from the closure of its TimkenSteel Material Services facility is forward-looking. The Company cautions that actual results may differ materially from those projected or implied in forward-looking statements due to a variety of important factors, including the nature and timing of employee terminations and other closure activities. Additional factors are discussed in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. Except as required by the federal securities laws, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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SOURCE TimkenSteel Corporation